https://www.taxtmi.com/caselaws?id=261092 The Court upheld the Tribunal's decision that interest earned from debentures and bonds is not subject to interest tax under the Interest Tax Act. The Court found that the legislative intent did not encompass interest from bonds and debentures within the Act's scope. It concluded that taxing such interest would not align with the Act's purposes and could have adverse fiscal implications. As a result, the appeal was decided in favor of the assessee, affirming that interest from debentures and bonds is not liable to interest tax under the Act. en-us Wed, 11 Mar 2015 00:00:00 +0530 Thu, 02 Jul 2015 06:08:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261092 The Court upheld the Tribunal's decision that interest earned from debentures and bonds is not subject to interest tax under the Interest Tax Act. The Court found that the legislative intent did not encompass interest from bonds and debentures within the Act's scope. It concluded that taxing such interest would not align with the Act's purposes and could have adverse fiscal implications. As a result, the appeal was decided in favor of the assessee, affirming that interest from debentures and bonds is not liable to interest tax under the Act. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261092